With Greece running amok and the markets blissfully continuing to rally, it's an odd time to be watching Europe.

In general, however, everyone agrees that the eurozone is still the big disaster waiting to happen. That was even apparent in President Obama's budget plan, which suggested that a European catastrophe was one of the biggest risks to the American economy right now.

It seems we're nearing a crucial moment in Europe right now, with Greece closer than ever to default and EU leaders less willing than ever to mitigate the problems there. Are we about to jump off the precipice?